Yen exchange rate: The yen has depreciated by more than 18 yen since the end of last fiscal year. The yen dropped to its lowest level in 33 years and eight months this month.

There is a growing view that the interest rate differential between Japan and the United States will remain difficult to narrow, leading to a depreciation of the yen, a market source said. The market is wondering at what level of yen depreciation the government and the Bank of Japan will decide to intervene in the market.